Big Oil: “Hands Off Our Tax Breaks!”

Dragged before Congress as gas prices explode at the pump, oil executives mounted a vigorous defense of their business practices on Thursday — pushing back against plans to eliminate tax breaks for the “big five” oil and gas companies.

All five executives acknowledged rising prices at the pump, but much of their testimony focused on the impact of a plan floated by Senate Democrats that would eliminate a raft of tax breaks.

Dubbed the Close Big Oil Tax Loopholes Act, the bill would eliminate tax subsidies for just the five largest oil companies and direct those savings to pay down the deficit. Total deficit reduction: $21 billion over 10 years.

“It can be tempting to assume that there is something to gain by taking more from a few,” Odum said. “However, one must also balance the potential implications of increased industry costs on both supply and price.”